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Gold Boosted By Post-FOMC Dollar Slide

COMMODITIES
  • Crude oil has pushed higher today for the third session running, although most recently has unwound a small further boost on a bullish reaction for risk sentiment to the FOMC decision to hike 25bps and Chair Powell’s press conference.
  • Earlier, EIA oil inventories surprisingly rose 1.1m bbls last week vs expectations of a drawdown, although it was smaller than the API’s survey released just a day earlier.
  • WTI is +1.2% at $70.50, clearing resistance at $69.83 (Mar 17 high) to open $72.71 (Mar 15 high). Under more limited volumes, most active options strikes in the CLK3 have been $75/bbl calls.
  • Brent is +1.3% at $76.32, clearing resistance at $75.92 (Mar 17 high) to open $78.84 (Feb 6 low).
  • Gold is +1.2% at $1963.66 as the dollar slides and Treasury yields fall. It’s off a session high of $1978.49 touched mid Powell press conference whilst resistance remains at $2009.7 (Mar 20 high) after its recent run of strength.
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